Baxter 3Q earnings edge up, sales flat
BY FRANCINE KNOWLES Business Reporter firstname.lastname@example.org October 18, 2012 9:24AM
Updated: October 18, 2012 5:46PM
Deerfield-based medical products maker Baxter International Inc. said its net income edged up 1 percent in the third quarter, while net sales were flat.
The company earned $583 million in the quarter, up from $576 million in the year-ago period. Earnings per share were $1.06, up five percent.
Net sales were $3.48 billion.
Its BioScience business generated $1.5 billion in sales similar to the prior year. Excluding the impact of foreign currency, revenues rose 5 percent driven by double-digit growth in the U.S. across all key product categories and robust growth in demand for its hemophilia medicine Advate, Baxter said.
Baxter’s Medical Products Business generated $2 billion in sales. Excluding the impact of foreign currency, sales rose 4 percent amid strong growth of injectable drugs, anesthesia products and nutritional therapies.
The company said it expects fourth quarter earnings per share of $1.24 to $1.27 before special items and sales growth of 5 percent to 6 percent, excluding foreign exchange.
Baxter tightened its full-year earnings per share guidance range to $4.51 to $4.54. It said it continues to expect sales growth of 4 percent to 5 percent.